RAWALPINDI, DEC 17 /DNA/ – President of the Rawalpindi Chamber of Commerce and Industry (RCCI), Usman Shaukat, has welcomed the Federal Board of Revenue’s (FBR) decision to suspend the implementation of the revised property valuation table for Islamabad, calling it a positive but belated step.
In a statement, Usman Shaukat said that while holding the notification in abeyance is reassuring, the FBR should have consulted stakeholders before issuing such a major decision. The sudden notification came as a surprise to traders and the business community, creating uncertainty and unrest, which ultimately compelled them to announce protest calls.
He noted that the sharp and unrealistic increase in property valuation rates had severely alarmed real estate stakeholders and the wider business community. “At a time when the business community in the federal capital had already announced a protest demonstration on December 22, the suspension of the notification reflects that the concerns raised by chambers and trade bodies were genuine and warranted,” he added.
The RCCI President emphasized that policy decisions affecting taxation, real estate, and investment must be taken through consultation and consensus, as abrupt measures damage business confidence and economic stability. He said that reported increases of up to 1,700 percent in valuation rates were completely disconnected from ground realities and would have resulted in an unbearable financial burden on taxpayers.
Usman Shaukat urged the FBR to ensure that the revised valuation tables are aligned with actual market values, transparent, and acceptable to all stakeholders before issuing any new SRO. He further stressed that sustainable revenue generation is only possible when policies encourage compliance rather than provoke resistance.
